Shanghai (ZXZC)- The passenger vehicle (PV) joint venture between Jiangling Motors Co.,Ltd., (JMC) and Ford Motor was formally incorporated on Dec. 27, meaning the two parents resolve to cement their cooperation on PV business.

Ford Everest; photo credit: JMC

According to the corporate information platform Tianyancha, the new joint venture, named Jiangling Ford Motor Technology (Shanghai) Co.,Ltd., involves a registered capital of 200 million yuan ($31.394 million) and is 51/49 held by JMC and Ford Motor respectively. It is permitted to operate businesses like the sales of oil-fueled vehicles, new energy vehicles, auto parts, PHEV-dedicated engines, charging piles, centralized fast charging stations, battery swap facilities, and the facilities for NEV production testing.

JMC announced three months ago the intention to build a joint venture with Ford Motor. Located in Shanghai, the new entity would primarily engage in distributing Ford-branded complete vehicles manufactured by JMC. The service can also be offered through dealerships or in direct-sale model.

In November, JMC-Ford Motor PV joint venture showcased five Ford-branded models at the Auto Guangzhou 2021, making its debut at a motor show with an independent booth.

Xiang Dongping, vice president of JMC, said for the sake of sound development of the new joint venture, JMC and Ford Motor would strengthen the collaboration in the SUV segment of China, and the capability of sales channels.

Tianyancha's data show that Ford Motor currently holds 32% stake in JMC, versus 30% the U.S. automaker initially controlled when it was introduced by JMC in 1997 as a strategic investor. Before the Everest SUV, the first Ford-branded PV model manufactured by JMC's facilities, was launched in 2015, the two parties' partnership had only focused on commercial vehicle business for 18 years.